Crude oil is following stocks lower amid broad-based risk aversion across financial markets but metals have managed to find support despite a US Dollar rebound.
- Crude Oil Sinks Along with Stocks on Fiscal Cliff Deadlock, Monti Resignation
- Metals Supported Despite Dollar Recovery, Value-Hedge Demand a Possibility
Crude oil is under pressure as risk appetite crumbles (as expected ) amid a lack of progress in US "fiscal cliff" negotiations. Divergent headlines pulled markets in opposing directions throughout the week but confidence began collapse in earnest as plans to vote on the so-called "Plan B" - a unilateral Republican initiative aimed at raising taxes on millionaires - failed to secure enough support to warrant a vote. Rumors of an immient resignation by Italian Prime Minister Mario Monti are adding to selling pressure.
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